A freshwater cyanobacterium, Phormidium autumnale KNUA026, was isolated from puddles of icy water in Gyeongsan City, South Korea and its potential as a biofuel feedstock was investigated. Maximal growth was obtained when the culture was incubated at $25^{circ}C$ and around pH 9.0. The total lipid content of the isolate was approximately 14.0% of dry weight and it was found that strain KNUA026 was able to autotrophically synthesize heptadecane ($C_{17}H_{36}$) which can be directly used as fuel without requiring a transesterification step. As this benthic cyanobacterium was capable of forming thick mats, it could be easily harvested by gravitational settling and this property may reduce the cost of production in commercial applications. Hence, P. autumnale KNUA026 appears to be a promising resource for use in the production of microalgae-based biofuels.